The deal to sell off the $2.3 billion Landmark Financial Services’ loan book, along with its $300 million debenture book was mooted in December.

At the time, AWB managing director Gordon Davis said there was a two-fold rationale behind the sale of the loan and deposit books, firstly that the sale would streamline AWB's debt profile, along with a strategic move to meet the group's objective of having a simpler, low-risk business.

ANZ chief executive Mike Smith said the deal was consistent with ANZ's strategy to become a super regional bank and a leader in agribusiness financial services in Australasia.

This week, Mr Davis said the completion of this transaction had allowed AWB to strongly eat away at its debt.

He said AWB would continue to work closely with ANZ through a deal with Landmark.

“We look forward to expanding our successful relationship with ANZ as we continue to deliver outstanding service to Australia’s rural and agricultural community,” Mr Davis said.

Under the relationship Landmark will earn a fee on all loan referrals of Landmark customers as well as a trail fee on existing loans and all future loans referred via the relationship.”

Mr Davis confirmed that the AWB group would incur a significant item in relation to the sale in the half year ending 31 March 2010 which is expected to be a loss of $62 million pre-tax, made up of a one-off loss on the sale together with restructuring costs.